Kodak Sells Three Subsidiaries
ROCHESTER, N.Y. (AP) _ Eastman Kodak Co. will sell three subsidiaries: Atex Inc., Estek Products Division and Eastman Kodak Credit Corp., the company said Monday.
The Rochester-based photography company did not disclose the financial terms of any of the agreements.
Atex, which makes computers and workstations for newspapers and magazines, will be sold to an investment consortium headed by Danny Chapchal, Kodak said. Chapchal manages several computer and pre-press companies in Europe, the United States and Australia.
Atex’s core business ″does not fit well with Kodak’s business strategy,″ said Kodak vice president Peter Giles. ″We have taken great pains to identify a buyer for Atex who is committed to serving Atex’s current customers around the world.″
Atex will become a standalone company and will continue operating from its headquarters in Billerica, Mass., Kodak said.
ADE Corp. of Newton, Mass., will purchase Estek, which makes equipment to detect and analyze contamination on silicon wafers used in the semiconductor industry. Estek, a division of Kodak’s Eastman Technology Inc. subsidiary, is headquartered in Charlotte, N.C.
″It has become evident that Estek’s business does not have the proper long-term strategic fit in the Kodak organization required for it to prosper,″ said Estek president John Schmits.
″With ADE’s solid position in the semiconductor industry, Estek’s business potential will be greatly enhanced.″
ADE makes control and handling equipment and other products for the semiconductor industry.
Eastman Kodak Credit Corp. will be purchased by GE Capital Corp. The Kodak subsidiary provides long-term financing to purchasers of Kodak equipment.
GE Capital will continue operating the business from Rochester under its current name, Kodak said.
Kodak Chief Executive Kay Whitmore has said Kodak would sell a number of businesses to focus on products more directly related to photography.
Kodak shares were trading on the New York Stock Exchange at $41.12 , up 87 1/2 cents, after the announcement.